Common use of Automatic Acceleration and Termination of Facilities Clause in Contracts

Automatic Acceleration and Termination of Facilities. Upon the occurrence of an Event of Default specified in SECTION 10.1.7 OR 10.1.8, (i) the principal of and the interest on the Advances and the Notes at the time outstanding, and all other amounts owed to the Lenders under this Agreement or any of the Loan Documents and all other Secured Obligations, shall thereupon become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or any of the Loan Documents to the contrary notwithstanding, and (ii) the Facilities and the commitment of the Lenders to make advances thereunder or under this Agreement shall immediately terminate.

Appears in 1 contract

Samples: Loan Agreement (Offshore Tool & Energy Corp)

AutoNDA by SimpleDocs

Automatic Acceleration and Termination of Facilities. Upon the occurrence of an Event of Default specified in SECTION 10.1.7 OR 10.1.8Section 9.1(f) or Section 9.1(g), (i) the principal of and the interest on the Advances Loan and the Notes Note at the time outstanding, . and all other amounts owed to the Lenders Lender under this Agreement or any of the Loan Documents and all other Secured Obligations, shall thereupon become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or any of the Loan Documents to the contrary notwithstanding, and (ii) the Facilities and the commitment of the Lenders Lender to make advances thereunder or under this Agreement shall immediately terminate.

Appears in 1 contract

Samples: Loan Agreement (Female Health Co)

Automatic Acceleration and Termination of Facilities. Upon the occurrence of an Event of Default specified in SECTION 10.1.7 OR 10.1.8Section 11.1(g) or (h), (i) the principal of and the interest on the Advances Loans and the Notes Note at the time outstanding, and all other amounts owed to the Lenders Lender under this Agreement or any of the Loan Documents and all other Secured Obligations, shall thereupon become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or any of the Loan Documents to the contrary notwithstanding, and (ii) the Facilities Facility and the commitment of the Lenders Lender to make advances thereunder or under this Agreement shall immediately terminate.

Appears in 1 contract

Samples: Loan and Security Agreement (Shoneys Inc)

Automatic Acceleration and Termination of Facilities. Upon the occurrence of an Event of Default specified in SECTION 10.1.7 OR 10.1.8Section 12.1(h) or (i), (i) the principal of and the interest on the Advances Loan and the Notes Note at the time outstanding, and all other amounts owed to the Lenders Lender under this Agreement or any of the Loan Documents and all other Secured Obligations, shall thereupon become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or any of the Loan Documents to the contrary notwithstanding, and (ii) the Facilities Revolving Credit Facility and the commitment of the Lenders Lender to make advances Advances thereunder or under this Agreement shall immediately terminate.

Appears in 1 contract

Samples: Loan and Security Agreement (Freedom Financial Group Inc)

AutoNDA by SimpleDocs

Automatic Acceleration and Termination of Facilities. Upon the occurrence of an Event of Default specified in SECTION 10.1.7 OR 10.1.8Section 9.1(g) or (h), (i) the principal of and the interest on the Advances Loans and the Notes at the time outstanding, and all other amounts owed to the Lenders Lender under this Agreement or any of the Loan Documents and all other Secured Obligations, shall thereupon become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or any of the Loan Documents to the contrary notwithstanding, and (ii) the Facilities and the commitment of the Lenders Lender to make advances thereunder or under this Agreement shall immediately terminate.

Appears in 1 contract

Samples: Loan Agreement (Female Health Co)

Time is Money Join Law Insider Premium to draft better contracts faster.